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Final Exam- Business Law Questions and Answers 100% Verified
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Final Exam- Business Law Questions and Answers 100% Verified
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Final Exam- Business Law Questions and Answers 100%Verified
Courts interpret contracts using an objective standard (True/False) Correct-True
Only the offer to whom an offer is directed can accept the offer (True/False) Correct-True
Once an offer is made, an offeror has no right to terminate it before receiving a reply
(True/False) Correct-False
An offer by a retailer to purchase seasonal goods from a wholesaler would not lapse sooner
than an offer to purchase goods that could easily be sold all year long (True/False) Correct-
False
There are limited number of circumstances under which silence can be an acceptance
(True/False) Correct-True
If the subject matter of an offer is destroyed, the offer terminates after 10 days or notice of
the death of the offer, whichever comes first. (True/False) Correct-True
A newspaper advertisement can never be a valid offer (True/False) Correct-False
, Final Exam- Business Law Questions and Answers 100%
Verified
An "express authorization" occurs if the means by which an acceptance can be communicated
to the offeror is expressly stated in the offer (True/False) Correct-True
If an acceptance is received after a rejection is received, the acceptance is still valid.
(True/False) Correct-False
Under the Mailbox Rule, a valid contract has been formed if an acceptance is dispatched, but
before it is received, the rejection is communicated by the offeror. (True/False) Correct-
True
What is the first element of a valid contract? Correct-An agreement
If nothing is stated to the contrary in terms of an auction, an auctions presumed to be
____________. Correct-With reserve
In an auction _____________, the seller is treated as making an offer to accept the highest
bid. Correct-Without reserve
, Final Exam- Business Law Questions and Answers 100%
Verified
The ____________ terms of a contract are those terms that would allow a court to determine
what the damages would be in the event that one of the parties breaches the contract.
Correct-Material
What terms would be considered material terms? Correct-Subject matter, price, and
quantity
What ways can an offer terminate? Correct-Revocation by the offeror, rejection or
counteroffer by the offer, or destruction of the subject matter.
If a person wishes to ensure that an offer will in fact be held open for a set period of time, the
person may do so by entering into an _____________ contract with the offeror. Correct-
Option
As a general rule, when is revocation effective? Correct-When it is received by the offeree
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